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Now try slicing the stock market into equal pieces

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If Apple, the biggest stock in the S&P 500, soars, it will give a big lift to the traditionally composed index. In an equal-weighted version, though, the company will provide a more muted benefit.

NOT all funds that track the same index are created equal. For some, inequality is part of the design. Take the S&P 500 and the S&P 500 SPDR ETF.

Apple is the S&P 500's largest constituent, 4.7 per cent in early January. News Corp, the smallest member, accounted for less than...